In May 2020, the Indian government announced the introduction of several labor law reforms, which aimed to improve the ease of doing business in the country and boost employment opportunities for workers.
Some of the major changes:
Consolidation of labor laws: The government combined 44 central labor laws into four codes - the Code on Wages, the Code on Social Security, the Industrial Relations Code, and the Occupational Safety, Health and Working Conditions Code.
Expansion of minimum wage coverage: The government expanded the coverage of minimum wages to all workers, including those in the informal sector.
Changes to trade unions: The threshold for the formation of trade unions was raised from 10% to 50% of workers in a particular establishment.
Increased working hours: The maximum limit on working hours per day was increased from 8 to 12 hours, with the requirement for overtime pay beyond 8 hours of work in a day.
Fixed-term employment: Employers were allowed to hire workers on fixed-term contracts for up to three years, which was previously only allowed in the apparel and footwear manufacturing sectors
changes have been met with mixed reactions from various parties with some welcoming the reforms as a way to incrse flexibility for businesses and create more job opportunities, while others have expressed concerns about potential exploitation of workers & erosion of labor rights.
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Godrej Industries Limited is an Indian conglomerate company that operates in several sectors, including consumer goods, home appliances, real estate, and agriculture.
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Financial performance: Godrej Industries has shown consistent revenue growth over the years. Its revenue has grown at a CAGR of 9.11% over the past five years. The company's net profit margin is healthy, at around 8.5%. Its return on equity (ROE) is also decent, at around 13%.
Strong brand recognition: Godrej is a well-known brand in India, with a long history of providing quality products and services. Its consumer goods and home appliances divisions have strong market positions, and the company has a reputation for innovation and customer-centricity.